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The Australian sharemarket finished the week higher, recording its sixth consecutive session of gains. The market finished 0.4% in the black Friday on the back of consistent gains across the sectors, with healthcare the strongest performer.

In interesting developments in Europe, two members of Germany’s ruling coalition advised Greece to sell off unpopulated islands and other properties to relieve the nation’s debt crisis.

In economic news, Australia’s building industry grew at a slower pace in February. According to the Australian Industry Group/Housing Industry Association Performance of Construction Index dropped 4.9 points to 52.8 during the month. It was the second successive month the index was was above the line that seperates expansion from contraction.

At the close, the All Ords was up 15.8 to 4,773.4, while the ASX/200 added 16.7 to 4,767.2. About 2.4 billion shares worth around $4.6 billion had changed hands.

In a quite day for news, the Banks and Financials sector gained 0.2%.

ANZ was the best performer among the big four banks, adding just 16c, or 0.7% to $23.83. Westpac was the worst performer, down 19c, or 0.7% to $26.75.
 
Macquarie continued to edge higher, up 80c to $48.06.

Among the insurers, QBE added 40c, or 2% to $20.50, while Suncorp-Metway showed strength, up19c to $8.69.

The Property Trusts sector was flat despite a number of stocks trading within 1% below the line including Dexus and Stockland.

Mirvac fell 1.3% to $1.575.

Westfield was just 1c higher at $12.24 amid media reports the company is considering a $1.5 billion share sale to fund the purchase of General Growth Properties Inc.  

GPT Group gained 1c, to 59.5c.

The Materials and Resources sector was 0.5% stronger. The two heavyweights, BHP Billiton and Rio Tinto, were marginally higher, gaining 0.5% and 0.8% to $42.50 and $75.01.

Rio’s largest shareholder, Aluminum Corp. of China, said it is looking to be represented on the board of Australia’s second largest miner.

Fortescue reversed early gains to finish 10c, or 2% lower at $4.78, while Aquila Resources added 33c, or 3.2% to $10.55 in the energy sector. The two miners said they would team up to build a new deep-sea port in the West Australian Pilbara coast.

Meanwhile, Lihir shares dipped 3c to $2.91 after the company said it had finally dumped its Ballarat Gold Project for $4.5 million, losing hundreds of millions along the way.

Newcrest advanced 47c, or 1.4% to $33.97, while Macarthur Coal and OZ Minerals were up 3% and 2.3%, outperforming much of the sector.

The Energy sector put on 0.4%, with Woodside up 23c, or 0.5% to $44.52.

AWE showed strength throughout the day, rallying 12c, or 4.7% to $2.67, while Extract Resources shed 13c, or 1.7% to $7.40 after the uranium specialist posted a half-year net loss of $13.4 million. 

The Consumer Discretionary sector was 1.3% stronger. Gamers, retailer and media stocks all contributed to the gains.

Billabong, Crown and Newscorp were the standouts in each sub-sector, rising 3.6%, 2.3% and 2% respectively.

Education provider Navitas rallied 17c, or 3.5% to $5.06.

Consumer Staples stocks were more mixed, with Wesfarmers shedding 24c, or 0.7%, to $32.71, while Woolworths was up 25c to $28.05.

The sector was 0.1% in the black.

Asciano Group celebrated breaking into the top 50 Australian stocks with a 1.5c, or 0.8% gain to $1.835.

Downer EDI put on 34c, or 4.4% to $8.08, while profit takers moved in on Virgin Blue sending its shares 3.5% lower. The airline had put on over 17% during the week.

Rival Qantas was up 4c to $2.77 as the Industrials sector gained 0.4%.

Sector heavyweight Leighton rose 1.1% to $39.30, while Reece slumped $1.00, to $25.00.

CSL managed to put on 88c, or 2.5% to $35.68 after receiving approval from the FDA in the US for a new drug. Sonic added 22c, or 1.7% to $13.35, while Primary Health Care dropped 19c, or 4.5% to $4.07. 

Healthcare was 1.6% higher.

Telstra shares dipped 1c to $2.91 as the broader Telecommunications sector dipped 0.4% to be the only sector to lose ground.

Around the region, the Nikkei 225 gained 195.0 to 10,340.7, while the NZSE50 rose 1.1 to 3,214.6. The Straits Times Index advanced 15.8 to 2,784.5. The Hang Seng added 178.5 to 20,754.3.

Spot gold was trading at US$1,133.85 per ounce, while the Aussie was buying US$0.9009.

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OceanaGold closes offer of subscription receipts
OceanaGold said it has closed the offering of subscription receipts in connection with its previously announced equity raising and as a result has issued about 31.16 million subscription receipts at a price of C$2.05 for proceeds of approximately C$63.89 million. The company said each subscription receipt would entitle the holder to receive one common share of the company upon satisfaction of certain release conditions.

At the end of the day, OceanaGold shares were up 4c to $2.56.

Lihir dumps Ballarat for just $4.5m
Lihir Gold said it reached an agreement to off-load its ill-fated Ballarat gold project in Victoria to Castlemaine Goldfields in Victoria. Under the agreement, Lihir said it would receive $4.5 million in cash in addition to a 2.5% royalty interest in future production, capped at $50 million.

At the close, Lihir Gold shares were down 3c to $2.91.

Brickworks acquires Sasso
Brickworks purchased NSW based precast concrete panels manufacturer Sasso Precast Concrete for $35.25m. The company said the acquisition would diversify the building products offering and would be immediately earnings per share positive for the company.

At the end of the day, Brickworks shares were down 3c to to $12.25.

Aquila gets nod for new deep sea port
Aquila Resources said the West Australian government has approved the development of a new deep-sea port at Anketell Point on the West Pilbara coast. The project is expected to receive final approval by 2011, with production expected by 2013.

By the finish, Aquila shares were trading up 33c at $10.55.

OceanaGold closes offer of subscription receipts
OceanaGold Corporation said it has closed the offering of subscription receipts in connection with its previously announced equity raising and as a result has issued about 31.16 million subscription receipts at a price of C$2.05 for proceeds of approximately C$63.89 million. The company said each subscription receipt would entitle the holder to receive one common share of the company upon satisfaction of certain release conditions.

At the final whistle, OceanaGold shares were up 4c to $2.56.  

Local shares edged higher Friday morning with modest, but broad-based gains. The rise followed a similar gain from Wall Street overnight, as investors there are cautiously optimistic following better than expected jobs data.

At noon, the All Ords was up 27.3 to 4784.9, while the ASX/200 edged 28.6 to  4,779.1. Over 1.2 billion shares worth around $2.4 billion had changed hands.

In a quite day for news, the Banks and Financials sector gained 0.6%.

ANZ was the best performer among the big four banks, adding just 22c, or 0.9%, $23.89. NAB was the only one below the line, down 8c, or 0.3% to $26.57.

Macquarie continued to edge higher, up 92c to $48.18.

Among the insurers, QBE added 42c, or 2.1% to $20.52, while Suncorp-Metway showed strength, up 12c to $8.62.

The Property Trusts sector was 0.2% lower, with many stocks trading around 1% below the line including Mirvac and Stockland.

Westfield was just 0.2% higher at $12.26.

The Materials and Resources sector was 0.7% stronger. The two heavyweights, BHP Billiton and Rio Tinto, were marginally higher, gaining 0.7% and 0.8%.

Fortescue gained 5c or 1% to $4.93, while Aquila Resources added 19c, or 1.9% to $10.41. The two miners said they would team up to build a new deep-sea port in the West Australian Pilbara coast.

Meanwhile, Lihir shares dipped 1c to $2.93 after the company said it had finally dumped its Ballarat Gold Project for $4.5 million, losing hundreds of millions along the way.

Macarthur Coal and OZ Minerals were up 2% and 2.3%, outperforming much of the sector.

The Energy sector put on 0.5%, with Woodside up 29c, or 0.7% to $44.58.

AWE jumped out of the blocks, adding 12c, or 4.7% to $2.67, while Whitehaven shed 4c, or 0.9% to $4.62 after going ex-div today.

The Consumer Discretionary sector was 1.2% stronger. Gamers, retailer and media stocks all contributed to the gains.

Billabong, Crown and Newscorp were the standouts in each sub-sector, rising 3.4%, 2.6% and 1.9% respectively.

Education provider Navitas rallied 18c, or 3.7% to $5.07.

Consumer Staples stocks were more mixed, with Wesfarmers shedding 47c, or 1.4%, while Woolworths was up 23c to $28.03.

The sector was 0.2% in the red.

Asciano Group celebrated breaking into the top 50 Australian stocks with a 4c gain, or 2.2% to $1.86.

Downer EDI put on 26c, or 3.4% to $8.00, while profit takers moved in on Virgin Blue sending its shares 2.1% lower. The airline had put on over 17% this week.

Rival Qantas was up 7c to $2.80 as the Industrials sector gained 0.7%.

Meanwhile, Reece slumped $1.20, or 4.6% to $24.80.

CSL managed to put on 67c, or 1.9% to $35.47 and Sonic added 31c, or 2.4% to $13.44. Healthcare was 1.3% higher.

Telstra shares tacked on 1c to $2.93, as the broader Telecommunications sector added 0.6%.

Around the region, the Nikkei 225 gained 203.3 to 10,349.1, while the NZSE50 rose 5.3 to 3,218.9. The Straits Times Index advanced 20.1 to 2,788.8.

Spot gold was trading at US$1,131.30 per ounce, while the Aussie was buying US$0.9004.

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Lihir dumps Ballarat for just $4.5m
Lihir Gold said it reached an agreement to off-load its ill-fated Ballarat gold project in Victoria to Castlemaine Goldfields in Victoria. Under the agreement, Lihir said it would receive $4.5 million in cash in addition to a 2.5% royalty interest in future production, capped at $50 million.

At noon, Lihir Gold shares were down 2c to $2.92.

Brickworks acquires Sasso
Brickworks purchased NSW based precast concrete panels manufacturer Sasso Precast Concrete for $35.25m. The company said the acquisition would diversify the building products offering and would be immediately earnings per share positive for the company.

At lunch, Brickworks shares were down 3c to to $12.25.

Aquila gets nod for new deep sea port
Aquila Resources said the West Australian government has approved the development of a new deep-sea port at Anketell Point on the West Pilbara coast. The project is expected to receive final approval by 2011, with production expected by 2013.

At midday, Aquila shares were trading up 17c at $10.39.

OceanaGold closes offer of subscription receipts
OceanaGold Corporation said it has closed the offering of subscription receipts in connection with its previously announced equity raising and as a result has issued about 31.16 million subscription receipts at a price of C$2.05 for proceeds of approximately C$63.89 million. The company said each subscription receipt would entitle the holder to receive one common share of the company upon satisfaction of certain release conditions.

At lunchtime, OceanaGold shares were up 3c to $2.55.  

OceanaGold Corporation (OGC) said it has closed the offering of subscription receipts in connection with its previously announced equity raising and as a result has issued about 31.16 million subscription receipts at a price of C$2.05 for proceeds of approximately C$63.89 million. The company said each subscription receipt would entitle the holder to receive one common share of the company upon satisfaction of certain release conditions.

OceanaGold said the subscription receipts have been listed on the Toronto Stock Exchange and would commence trading today.

The company also recently announced that it completed a conditional placement of about 10.95 million ASX listed Chess Depository Interests (“CDI’s”), at a price of $2.18 per CDI.

OceanaGold said the issue of the CDIs remains subject to approval by shareholders.

The company said the gross proceeds raised by the company under the offering and placement would be approximately C$86.3 million.

OceanaGold said it intends to use the proceeds to fund the restructuring of the its existing gold hedging facilities, while the remainder of the net proceeds are expected to be used for other working capital requirements and/or general corporate purposes as more fully described in the final prospectus.

CEO, Paul Bibby, said the company expects the offering to result in OceanaGold becoming a 100% unhedged gold producer in the near future.

”The equity offering was strongly supported by both new and current shareholders from around the globe which has further diversified our shareholder base,” Mr Bibby said.

As at 1148 AEDT, OceanaGold shares were up 2c to $2.54.

Lihir Gold Limited (LGL) said it reached an agreement to off-load its ill-fated Ballarat gold project in Victoria to Castlemaine Goldfields in Victoria. Under the agreement, Lihir said it would receive $4.5 million in cash in addition to a 2.5% royalty interest in future production, capped at $50 million.

At its most recent earnings release, the company took a one-off charge of $413 million after-tax, being the impairment charge and operating losses from the discontinued Ballarat operation. Lihir purchased the mine in October 2006 in a $350 million scrip deal from Ballarat Goldfields.

The disastrous Ballarat investment is also widely suspected to be the reason for the CEO, Arthur Hood, stepping down in January.

The sale is subject to certain conditions including Castlemaine shareholders approving the issue of new equity to raise a minimum of $20 million.

Castlemaine said it would carry the project forward as exploration only, mothballing equipment there.

At 1108 AEDT, Lihir Gold shares were down 1c to $2.93.